Friday, August 31, 2012
China Is Not Funding US Deficits
Rob Portman was given the podium at the GOP convention to argue that Obama has not been tough on China because he needs China to fund his budget deficits. What he didn't say is that China has stopped purchasing dollars, and other currencies, for its reserve account. It has not done so for over a year. The US has not depended on deficit funding from China. I don't know how Romney can improve upon what has already been accomplished. Moreover, Romney has not been in a position to argue against US trade deficits with China. Bain Capital was in the business of outsourcing manufacturing to China.